THE stock exchange has publicly censured UB Securities for disposing of securities without their clients' written authorisation. The censure came after the exchange's disciplinary committee found that UB sales representatives had, without the written authorisation, disposed of securities through their clients' accounts or through third-party accounts. The committee also found that UB had not accepted responsibility for the acts, along with commitments and contracts entered into by its employees. The firm refused to fully compensate its clients for non-delivery of scrip bought on their behalf by its employees. ''Having considered all relevant matters, including representation made by UB, the disciplinary committee has resolved to penalise UB by public censure,'' the exchange said. The committee stressed that it took a serious view of cases of this nature, saying: ''Should similar cases be brought before the committee in the future, a more severe penalty may be imposed.'' The censure underscores the exchange's determination to crack down on lawbreakers. Last month, a company director was publicly censured for enlisting his daughters in a scheme to bypass listing rules. Tse Kwok-wah, chairman of building group Shun Shing Holdings, was censured for breaching regulations at the time of the company's flotation in 1992. The exchange charged that while it appeared that the mandatory amount of stock was being floated, Mr Tse had advanced funds to two daughters in connection with the subscription to the new issue. As such, while shares appeared to be in the hands of the public, Mr Tse was able to exercise control over them.